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Canada (510,044)
AFM 362 (14)
Lecture 24

AFM 362 Lecture 24: 10

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Department
Accounting & Financial Management
Course
AFM 362
Professor
Ken Klassen
Semester
Winter

Description
Chapter 10 Taxable Income (individuals) = Division B income Division C Deductions *must be positive! Division B Income Calculation Section 3a) dont include losses here! put into section 3d! employment income property income business income * Inheritance is not taxable! *Lottery winnings arent taxable interest on the winnings are taxable! Section 3b) Net taxable K gains (any negative values are set to 0 becomes net k loss carryforward!) Gainslosses from LPP gainslosses from shares gainslosses from PUP 3c = 3a+ 3b Section 3d) office, employment, business, property losses ABILs (business investment loss on sale of shares) Division B income = 3c + 3d (set to 0 if its negative because it must be positive!) Division C deductions apply for stock options when: shr price = or < option price at date of issue (OR If CCPC can also apply if hold for 2+ years; either rule!) Loss carryforward = Net capital loss + nonk loss 1. Net capital loss = taxable k gains allowable k loss (if negative) 2. Noncapital loss = Losses in 3D + income from 3c + division C deduction ?????s Marginal tax rate = tax payable income so calculate tax payable first! Marginal tax rates??? 38 17 Other Eligible canadian div capital Employment Business Interest Dividends income gains Income 10000 10000 10000 10000 10000 10000 Gross Up 3800 1700 Untaxed portion 5000 Taxable 10000 10000 10000 13800 11700 5000
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